NAT pays $122m for suezmax pair

NAT pays $122m for suezmax pair

New York: Nordic American Tankers (NAT) continues to build up its fleet of suezmaxes. Today it announced that it has agreed to acquire two Asia-built tankers at an average age of five years. The total price is about $122m. The vessels are expected to be delivered in September and October. NAT does not plan to issue equity to finance these two vessels. The seller has not been revealed.

“The acquisition represents a natural step in the further development of Nordic American,” the company said in a release. “By adding two more ships, we increase the dividend capacity and earnings potential. We believe that our strong balance sheet, the dividend policy, well defined and transparent operating model provide NAT with a solid competitive position.”

This March, NAT’s chairman and ceo Herbjorn Hansson revealed plans for a vessel acquisition spree.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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